Top rate stamp duty tax gives purchasers opportunity to buy super apartments

Initially when the Government announced changes to stamp duty last year by introducing a new top rate tax on residential properties over £2 million, it led to concerns with buyers thinking they were being priced out of the market. A year on this tax is now creating new opportunities for buyers to increase their living space as developers reduce prices on larger flats over £2 million to bring them under the stamp duty threshold.

One such development offering price reductions on larger apartments is West Heath Place, Finchley Road, NW11, where prices have been reduced by as much as 15 per cent. Buyers can now get nearly 2,500 sq ft of living space with three double bedrooms and added extras like media rooms and family rooms for under £2 million. These price changes mean buyers can get even more for their money compared to the more expensive areas of nearby, pricey St John’s Wood where £2 million buys a lot less living space.

Barry Angel, CEO, Albany Homes comments: “We have reduced the prices on the last of our super apartments at West Heath Place so that buyers don’t pay the top tax rate. The homes are very spacious, with high specifications and finishes providing luxury lateral living, and are only three miles away from St John’s Wood, where a similar property would cost over £3 million.”

Barry continues: “The expensive prices of homes in St John’s Wood are leading buyers to seek alternative addresses to get more for their money. With average prices between 30 to 50 per cent cheaper, yet facilities better, people have started moving away from St John’s Wood NW8 to NW11 and the areas of Hampstead, Hampstead Garden Suburb and Finchley Road.”

West Heath Place, by Albany Homes is a collection of 52 two, three and four-bedroom luxury apartments and penthouses, ideally located on Finchley Road, NW11. Close to a range of excellent schools, shops, parks and transport links.

Apartment 19, on the second floor occupies a corner plot and has been reduced from £2.3 million to just under £2 million. The three-bedroom, three bathroom luxury home benefits from 2847sq ft of living space and comes complete with a home cinema and 428 sq ft balcony. Apartment 48 is a three-bedroom, three bathroom penthouse on the fifth floor which has been reduced from £2.3 million to just under £2 million and offers 2663 sq ft of living space and three balconies.

West Heath Place is set within landscaped grounds and communal gardens, each apartment features either a terrace or balcony. Homes on the higher levels offer spectacular panoramic views across London and residents can take advantage of the gated underground parking, concierge and gym. The development also features storage rooms, CCTV, video entry and refuse chutes to each floor.

The development is close to both Golders Hill Park and Hampstead Heath with its 800 acres of parkland, and to several entertainment hubs, including Hampstead and Highgate Villages. This trendy part of London has old streets bursting with boutiques, artisan shops, bars, cafés as well as fine restaurants offering gourmet delights, and is home to a host of celebrities.

West Heath Place features a striking contemporary exterior that has been built to complement traditional homes in the surrounding area. All of the apartments at West Heath Place feature high specifications throughout, with wood flooring to the entrance hall and living rooms, built-in custom wardrobes to the master bedroom and second bedrooms and, in a selection of apartments; fully fitted walk in wardrobes are provided to the dressing rooms.

First class transport links ensure West Heath Place is ideal for commuting with Golders Green tube station a short distance away making it just a 15 minute journey to King’s Cross St Pancras. The North Circular A406, M1 and M25 motorways provide direct access to greater and central London and the rest of the country, while Heathrow is just a 35 minute drive away.

Prices start from £725,000 for a two-bedroom apartment to just under £2 million for a four bedroom apartment or penthouse. The show apartment is open seven days a week from 10am to 5pm. For further information, visit westheathplace.com.